Realty Check | Day 17 | Abhaya Shankar: Towards energy efficient buildings

01 Sep,2014

By Abhaya Shankar
Managing Director, HIL Limited

 

A robust growth in employment, education and health care coupled with the booming urban population is expected to give the Indian real estate sector the much needed push as India continues to be a favourite real estate hub for global investors. Estimates point at steady housing demand throughout the year for the Indian economy, as the industry too gears up on meeting this demand. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has also identified demand from Tier-II and Tier-III cities, which is ideally a resultant of burgeoning consumer spending. Additionally, the recent move to introduce REITS, or Real Estate Investment Trusts, is a progressive one as well as it is expected to help both developers and investors, through better financing and investment options.

 

The move towards green is sweeping the real estate space and looming large, given the rising environment awareness and the mounting pressure for retaining ecological balance. According to the Indian Green Building Council (IGBC), out of the 25 billion sq ft of built up area in India, green spaces currently cover more than two billion sq ft and is aims to reach 10 billion sq ft by 2022. Over 300 new green buildings are coming up across different locations in India with the concept seeping in. Green buildings strive to optimize demand for electricity, water and other natural resources (in construction, operation and demolition); generate all their electricity on site through renewable energy; cater to their water demands through sustainable processes such as rainwater harvesting; and recycle all waste on site.

 

Given the paradigm shift to green buildings, India, the second largest real estate market in the world, can save a good Rs 83,000 crore every year by investing in energy efficient buildings- an amount equal to the combined current expenditure on health and education. Sustainability is, thus, the key to making rapid strides of progress in the real estate sector in India and elsewhere. Sustainable buildings benefit occupiers with several operating cost reductions Green buildings with sustainable elements can save up to 20 per cent in total electricity costs.

 

The concept of co-creation has also emerged anew in the Indian real estate industry as customers who have a long term relationship with the dealers need to be aptly managed in terms of delivery of expectations. The quality and effectiveness of communication with customers during the various stages of the project life cycle (and even after that) creates the experience of “absolute delight” which sustains in the longer run. From updating themselves with CRM software applications to taking into account customer feedback, real estate companies and dealers are walking that extra mile to co-create a shared value proposition and ensure the customers a truly differentiated customer experience.

 

Coordinated by Shobhana Nair

 

 

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